No New Car For Me

[MazdaGurl]

Gee whiz ya jackers!

Stealth...somethings happen for a reason...when the time is right, you'll get the car you want!

(P.S. The ARM, realtors, and economy are all the reasons I'm not buying a house. You'd think that being the daughter of a realtor, I'd be sitting on a sick deal....I think daddy scared me out of buying a house, LOL)

[bobopud]

Josh, I am a Mining Engineer working for a Consulting Company.

Sorry to hear about no new car. I really wanted to get into a new 335, but I just couldn't find a way to make it work financially. It is a good thing that you know your limits, most don't.



I am not trying to dump everything on mortgage brokers. Blame should be placed across the board, from shady realtors that only care about how much money you make, instead of how much house you can comfortably afford, to mortgage brokers who mislead consumers into arms and refi's that just couldn't be payed for, to consumers who thought buying that new car with the refi money on an arm loan was a good idea in the first place.

The entire industry needs more licensing and, I hate to say it, but more regulation. This does not mean that all of these people are bad, but it only takes a couple to spoil things for everyone.

[Huzer21]

Bummer about the car. I'm trying to talk my girlfriend out of buying a new vehicle. She's got the itch to do so. Me, I'll just keep modding my car so it always seems new. Haha.

[bobopud]

Now might actually be a good time to buy a car, if you are in a financial position to do so.

Recent snowstorms in China, which crippled the country for weeks, and the floods in Australia have caused a major supply disruption of the metalurgical coal used to create steel, also called coking coal. Last year Coking coal prices were getting close to $100 per ton. Spot prices today are anywhere from $200 a ton to over $400 a ton for the Japanese steel mills that need it to make the steel that is put into every can produced in Japan.

Basically the price of steel from Japan will be going up to offset the cost of the coking coal. This in turn will drive up the cost of a car pretty much world wide. There are exceptions of course, coking coal in the states is cheaper than it is in Japan, so not all cars will be affected.

Just a little FYI from your neighborhood friendly Mining guy.

[Stealth01]

LOL, yeah, it's a great time to buy a car if you don't have negative equity. I'd LOVE to get into a Speed3 right now, or a nie 4 X 4, but I want my next car to be on MY terms, not theirs. I'm done having THEM tell me what my payments will be.

And just FYI Al, not all brokers fully disclose. When we did our second mortgage about four years ago, looking to pay off debt, we got into an ARM by accident. We actually asked the guy to his face if it was a fixed interest rate and he said, "Yes, it is fixed."

He neglected to tell us it was fixed for TWO YEARS, then went up. Fortunately, we found that in the fine-fine-fine print after we closed. We managed to re-finance the second to a truly fixed one right before the payment was scheduled to go up. But he was ANYTHING but "full" disclosure.